Green Dot Files for IPO

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Green Dot Corp., a Monrovia financial services company, on Monday said it filed a registration statement with the Securities and Exchange Commission to make an initial public offering of its stock.

Green Dot describes itself as a leading U.S. provider of general purpose reloadable prepaid debit cards. The cards are available at about 50,000 retail stores, including Walmart, CVS, Kroger, K-Mart and 7-Eleven.

The company recently entered into an agreement with PayPal that allows customers of the online payment system to add funds to their accounts through Green Dot’s retail network.

In fiscal 2009, Green Dot saw operating revenues rise 39 percent to nearly $235 million; operating income was up 118 percent to $63.7 million.

The size and price of the offering have not yet been announced. J.P. Morgan and Morgan Stanley will act as joint book-running managers for the offering, with Piper Jaffray and UBS Investment Bank acting as co-managers.

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